Metro Pacific raises 2012 profit target to P6.3B

ABS-CBN News

MANILA, Philippines - Conglomerate Metro Pacific Investments Corp. (MPIC) raised its core profit guidance for 2012 to P6.3 billion, as its water and power utilities, hospitals and tollroad businesses showed strong performance in the first half.

"The strong results for the first half reflect significant service level improvements and efficiency gains for all our operating companies. The full year earnings outlook is encouraging and I believe it appropriate to guide our shareholders towards full year core net income of up to P6.3 billion," Manuel V. Pangilinan, MPIC chairman, said in a statement.

The company had earlier projected a full year profit of P6 billion.

MPIC, the local unit of Hong Kong-based First Pacific Co. Ltd., posted a net income of P3.46 billion in the first six months of the year, up 30% from the P2.66 billion a year ago.

The higher core net income was due to higher profit contributions from Manila Electric Company (Meralco), Maynilad Water Services, Inc. and Metro Pacific Tollways Corporation (MPTC) and benefits from its investments in hospitals.

"All our businesses achieved strong growth in profitability for the first half of the year. We are well placed for continued growth for the rest of 2012.” said Jose Ma. K. Lim, MPIC President and Chief Executive Officer.

MPIC on Thursday declared an interim cash dividend of 1.20 centavos per common share, an increase of 20% compared with 2011 of 1.00 centavos. Record date is August 28, while payment date is September 21.